Riba

There is a company called ….. gold in India.it is run by a muslim woman who claims to make Muslims interest free and only Muslims needs to invest in it. She runs business of gold and textile nd if v invest money every month she gives us some returns.she says its the profit earned by her nd not interest. If v invest INR 25K v get INR 700- 800 Evry month. I am confused if its halal.

07 Feb

ANSWER: You must investigate thoroughly before investing in any business to check if its a pyramid scheme or a ponzi or not because investing in such schemes and companies is not permissible in Islam. I have great doubt and reservation about this company because of the high profit they give to their investors which is not logical […]

Last few months ago I wanted to change my gold ornaments as I cant wear them because those wear heavy. So I went to a ornament maker, he said that as these are old, he has to cut of some % from it and then he would made light ornaments with the rest of the gold. I just have to pay the making charge. I did it. Is it count as riba? I am too worried about it.

Halal/Haram Matters, Riba

07 Feb

ANSWER: Yes, this is riba. You should have sold him the gold or somewhere else and cashed the money and then did with the money whatever you want.

My dad is dealing in riba from bank. As a son me and my brother warned him that it’s not halal. But he is still continuing. My question is when we will be consuming those money from bank and the riba money. Will those be halal for me, my siblings and my mother.

Riba

07 Jan

ANSWER: It is halal for you but haram on him as he carries the sin alone.

In India,People make Lease Contract. Property Owner Takes Money and Handover the Property to Payee for Definite period of contract,the Payee will give Freedom to selfuse or rent the property and can take all benefits.on the end of contract Property Owner Repays all the Money to payee and takes control of property.This type of contracts made for Commercial ,farm lands & resisdential bldgs.is it riba

Riba

20 Dec

ANSWER: Yes, it is riba.

In India jewelry showrooms have investment schemes, where one pays a fixed monthly amount to the store & since gold rate fluctuates every day, the day we make the payment, that day’s rate is recorded and after 12 months the average rate is calculated of the gold per gram and the we can purchase the gold for the entire value we have invested, at the average rate.Is this a halal?

Riba

15 Dec

ANSWER: This is clear riba and it is prohibited.

If a father takes a huge loan in the name of a son against his will (because the son knows riba is haram) from the bank for business purposes and the son does not want profit from the business because he does not want it as he wants to avoid any form of riba. In this case, does the son fall in any sin of taking riba?

Riba

12 Dec

ANSWER: If he has signed the contract, he’s sinful.

There is key chain in my home given by a bank. Can we use it?

Riba

22 Nov

If it’s a conventional bank that deals in riba and if it’s brand name is displayed on the key chain then you shouldn’t use it as it would be like endorsing the bank.

I was planning to invest in some shares in US based companies dealing in lethium manufacturing and supply.however some of these companies borrow funds from banks. Does this impact my investment ?

Riba

13 Nov

If they finance their projects through riba loans, this is prohibited! Some scholars said that if their investment and financing is less than one third of the companies financing, this is permissible, however I don’t know of any evidence to back it up!

Is it permissible to do job in a bank in India as there is no Islamic banking?

Riba

13 Nov

It’s not permissible at all to work in a conventional bank that deals with riba

A friend of mine has invested on my business. I give him profit percentage on cost of sales. So every month he recieves a profit even though I make a loss in the business. The profit amount chnages but no loss incurred. I make a gross profit but after expences I make loss on certain months but he still gets a profit .is t allowed?

Riba

07 Nov

This is riba! The percentage should be on the profit and not on the sales.

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